Magic Johnson turned down a Nike contract in 1979 that would have been worth over $1 billion today.
The Lakers legend was offered a deal with Converse instead, which seemed like a good move at the time.

What happened?

Magic Johnson was approached by Nike co-founder Phil Knight with a contract offer that included stock.
The offer was for $100,000 in stock, which would have increased to almost $5 billion based on today's stock price.
Johnson declined the offer and signed with Converse for $100,000 per year.

Why it matters for Magic Johnson

The decision has been a costly one for Johnson, who has spoken publicly about regretting the choice.
He has said that if he had taken the Nike deal, it would have been worth over $1 billion today.
Johnson's financial status has still been boosted by his successful NBA career and business ventures.

What comes next?

Johnson's experience serves as a lesson in the importance of considering long-term financial implications.
He has spoken about the decision as a way to educate others on the importance of making informed financial choices.
And Johnson's story highlights the potential risks and rewards of taking a chance on a new opportunity.
But the Lakers legend has also shown that it's possible to bounce back from a costly mistake.
So Johnson's decision to turn down Nike has become a cautionary tale in the world of sports finance.
The Lakers legend has established himself as a successful businessman and investor.
He has invested in several companies and has been involved in various philanthropic efforts.
Johnson's net worth is still estimated to be over $600 million, despite the costly mistake.
He has said that he has learned from the experience and has moved on to focus on his current business ventures.
The decision to turn down Nike has been a valuable lesson for Johnson, who has spoken about the importance of considering all options.
Johnson was 22 years old when he made the decision, and he has since spoken about the potential consequences of taking a different path.
He has become a successful entrepreneur and investor, with a portfolio of businesses and investments.
Johnson's story serves as a reminder that even the most successful people can make mistakes, but it's how they learn from them that matters.
He has been open about his experiences and has used them as a way to educate others.
Johnson's decision to turn down Nike has become a famous anecdote in the world of sports finance.
He has spoken about the decision in interviews and has used it as a way to illustrate the importance of considering long-term financial implications.
The Lakers legend has also spoken about the potential benefits of taking risks and trying new things.
He has said that he has no regrets about his decision to pursue a career in basketball.
Johnson's career with the Los Angeles Lakers spanned 13 seasons, during which he won five NBA championships.
He was a three-time NBA MVP and was named one of the 50 Greatest Players in NBA History.
Johnson's success on the court has been matched by his success off the court, where he has become a successful businessman and investor.
He has been involved in various philanthropic efforts, including the Magic Johnson Foundation.
The foundation has provided support for education, health, and economic development initiatives.
Johnson has also been recognized for his work in the community, including being awarded the NBA Community Assist Award.
He has said that he is proud of his accomplishments and is grateful for the opportunities he has had.
Johnson's story is an inspiration to many, and his decision to turn down Nike has become a famous anecdote in the world of sports finance.